Hello everyone , This Is Mudit And Here is The First Post Of Our Blogpost. So , The Topic of Today’s Post is The Rise and Fall of Bitcoin.
So, In Todays Date everyone Knows That What is Bitcoin And Crypto-Currencies. On 3 January 2009 ,Bitcoin (BTC) Network came into existence. And after that there were many turns into the story of Bitcoin. You will never believe or nobody will believe , Bitcoin was just only of $0.07 . I know it is unbelievable and You are thinking that hopefully you were there to buy the BTC , and after that you will be the next Millionaire , but chill man! it is not possible as nobody thought at that time that The Bitcoin Will Rise Too much.
What’s The Reason Behind The Crash Of Bitcoin
The Rise And The Fall OF Bitcoin: Many have viewed the rise of bitcoin as a massive bubble similar to the other bubbles in history. which saw asset prices increase without any fundamental reason. Goldman Sachs, for instance, warned investors in February. that most cryptocurrency prices are headed to zero as they lack intrinsic value.
The Info-graph With Data Of The Rise And Fall Of Bitcoin
What Was The Highest Value Hit By Bitcoin Till 2018 ?
The Answer For This Question Is In 2017 Bitcoin Hit Nearly $ 20,000 ( $ 19,500 approx. ), which is the highest value till 2018.
Union Budget impact
The Rise and Fall of Bitcoin: Experts say that the Union Budget announcement is not the reason for the correction in bitcoin prices. “The price correction has nothing to do with the Union Budget. Indian market decisions don’t impact global prices,” said Praveen Kumar, chairman and chief executive officer of Belfrics Global SDH, a company that operates bitcoin exchanges in Singapore, Malaysia, Bahrain, Japan, Kenya, Nigeria, Tanzania and India.
In fact, companies are taking positive cues from finance minister Arun Jaitley’s speech and expecting regulatory guidelines to come out soon. Belfrics, which had temporarily shut operations in India, is planning to re-enter the market. “We are looking to restart operation in India post the Budget announcement. Nowhere in the Budget has the government called it illegal. We expect regulations to kick in soon,” said Kumar.
On 3 February 2018, Mint reported that Subhash Chandra Garg, secretary, department of economic affairs, Ministry of Finance, Government of India, said that there will certainly be regulations by the end of this financial year.
What should you do ?
The Rise and Fall of Bitcoin: Bitcoin prices have declined sharply since last 1 month. In January 2009, when bitcoin was first created and launched, the idea was to use it as an alternative to fiat currency. The idea was to use it for making payments and transactions. However, by 2016 and 2017, the approach shifted from it being an alternative currency to it being an investment asset. But, most countries, including India, refused to accept bitcoin as a currency and have said that it is not legal tender. The future of bitcoin continues to remain uncertain.
A digital asset that has no income stream is very hard to value. That makes it hard to designate a price target on the way up, but also hard to set a floor on the way down. But by the time people realise that, we will be in the “revulsion” stage.
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